Microsoft lowered the price of its own storage and compute offerings by up to 65%, Steven Martin, Microsoft Azure‚Äôs general manager, announced in a company blog post. The news comes in advance of Microsoft's annual Build conference later this week.

That's likely not the end of the price cutting. All three companies have a big incentive to gain as much traction as they can with big business customers, as it's still early days in the cloud era.

Microsoft says: "we are cutting prices on compute by up to 35% and storage by up to 65%."

"Microsoft will continue to focus on bringing our customers a world-class service with an unrivaled user experience."